In today’s era,everyone is thinking of starting their own business or expanding their existing business. However,due to a lack of financial support,many people are unable to fulfill their dreams. To overcome this problem,the government has launched the Pradhan Mantri Mudra Loan Yojana.
Under this scheme,the government is giving loans up to ₹ 10 lakh to small,medium,and large businesses,so that they can expand their business. If you also want to take a loan for your business,then this scheme is a golden opportunity for you. This scheme will not only help you realize your dreams but will also take your business to new heights.
Pradhan Mantri Mudra Loan Yojana
Under this scheme,micro,small,and medium enterprises (MSMEs) are given loans through various government banks,regional rural banks (RRBs),small finance banks,cooperative banks,NBFCs,and microfinance institutions. This scheme is especially beneficial for those who want to start their business or expand their existing business.
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Types of loans offered under Pradhan Mantri Mudra Loan Yojana
Under the Pradhan Mantri Mudra Loan Yojana,applicants are offered three types of loans based on their financial needs:
Shishu Mudra Loan
In this,a loan of up to ₹50,000 is given.
This is for those who want to start a new business.
Kishor Mudra Loan
In this,a loan of ₹50,001 to ₹5 lakh is given.
This is for businessmen who want to expand their business.
Tarun Mudra Loan
In this,a loan of ₹5,00,001 to ₹10 lakh is given.
This is for entrepreneurs who want to take their business to a larger level.
Period and interest rate of Pradhan Mantri Mudra Loan Yojana
No margin money is charged on loans up to ₹50,000.
Loans from ₹50,001 to ₹10 lakh require a margin deposit of 20%.
The maximum tenure for loans less than ₹5 lakh is 5 years.
The maximum tenure for loans between ₹5 lakh and ₹10 lakh is 7 years.
The interest rate is determined by the bank and depends on the market rate.
Required Documents
If you want to apply under Pradhan Mantri Mudra Loan Yojana,you must have the following documents:
Aadhaar Card
PAN Card
Caste Certificate (if applicable)
Residence Certificate
Occupation Certificate (if available)
Current Address Proof (Electricity Bill/Ration Card)
Income Certificate
Bank Statement (Last 6 Months)
Passport Size Photo
Mobile Number and Email ID
How to Apply for Pradhan Mantri Mudra Loan Yojana
You can apply for Pradhan Mantri Mudra Loan Yojana both online and offline:
Online Application Process
Visit Jansamarth Portal (www.jansamarth.in).
Click on the Pradhan Mantri Mudra Loan Yojana section.
Fill in your personal and business details.
Upload the required documents.
After submission,wait for the loan approval by the bank.
Offline Application Procces
Visit any nearest bank branch.
Fill in the loan application form under Pradhan Mantri Mudra Loan Yojana.
Submit the required documents.
The loan will be sanctioned after verification of the application by the bank.
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